Income Tax Return and Forms Available for E-Filing

Nobody likes paying income tax. Tax season is a grouchy moment for every taxpayer. He often questions, where his money is going? While there are many tools available online, such as an income tax calculator, deciphering the tax legislation surrounding income tax can be a daunting feat. What’s worse is that the very same legislation you spend much of your free time learning, will likely be completely different the following year.

A lot of us are simply ignorant about our citizen rights and responsibilities. For some it is simply fun to cheat the government.

It is every citizen’s moral and legal responsibility to pay his taxes. Consequences of evading taxes attract heavy penalty and in some cases incarceration. By avoiding taxes, we are not only gipping the government, but also depriving ourselves and our nation from growth. Would you like to know where the amount collected goes? It is utilized for public welfare and utilities like:

• Salaries to government employees
• Defense expenditure
• Grants for national calamities and welfare of the under privileged
• Construction on national highways, railways, metros and other infrastructure.
• Health awareness campaigns and vaccination drives nationwide to eradicate diseases like, polio, plague, small pox etc.
• Subsides given on ration to poor and middle-class families.
• National Research expenditure.

Read: What is CIF number? Where can you find yours?

Come tax season, people start getting jittery. The complicated process is time consuming and sleep depriving. Good news! Now for your convenience, income tax forms are available online and the process has been made simple and straight forward.

• Simply log in with your User ID and password.
• Click on the ‘Prepare and Submit ITR form’ option
• Select the form that suits your income channel and fill

If you are one of those responsible citizens who would like to file your tax returns hassle-free, choose the form suited to your income category from the income tax forms available online. Given below is a list of forms available category-wise. Carefully look at the options and choose which plan suits your channel of income. Once you figure out which form to fill, go ahead and do the needful. If you have any questions, experts are available via live chat or email to clarify your doubts and advice you.

The Income tax forms have changed for the year 2017-18. Please look at the details provided to choose the correct form.

1. ITR-1 Or Sahaj Form–

Individuals whose total income for the assessment year 2017-18 comprises of earning an income of less than Rs. 50 lakhs from:

• Salary or pension
• One house only
• Other miscellaneous sources excluding winnings earned from betting.

The income however excludes: foreign assets, agricultural income of more than Rs. 5000, capital gains tax, and income from business of profession.

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2. ITR-2 Form –

These income tax forms have to be filled by Individuals or HUFs (Hindu Undivided Family) whose income exceed Rs. 50 lakhs from:

• Salary or pension
• Income from firm partnership
• Agricultural income exceeding Rs. 5000
• Income from foreign assets and investment
• House
• Capital gains income
• Other sources including earnings from betting

However, individuals whose total income earned includes income from business or profession are not eligible.

3. ITR-3 Form:

These income tax forms are to be used by individuals or a HUF whose income is from proprietary business or profession and include returns from the following as well:

• Business and profession
• Income from house
• Sale of property
• Pension, remuneration and income from other sources

4. ITR-4 Form or Sugam-

Current ITR-4 tax forms available for tax payers, include income earned from business or professions for individuals or HUFs, who have selected the income presumptive scheme as per Section 44AD and 44AE of the Income Tax Act.

5. ITR-5 Form-

These income tax forms are filled out for income by, firms, People’s Association or other Body of individuals.

6. ITR-6 Form-

These I.T. forms filed, are pertinent to income earned from companies. However, it does not include companies, trusts, charitable and religious institutions claiming exemption under section 11 of the Income Tax Act. Using electronic income tax forms to file returns under this form is mandatory.

7. ITR-7 Form-

These income tax forms are filed by persons or companies that are expected to file returns under the following sections of the Income Tax Act.

• 139(4A)- Required to be filed by individuals earning income fully or in part from property held under a trust, charitable or religious organization.
• 139(3B)- This income is required to be filed by a political party whose income disregarding the provisions of section 139A exceeds the amount exempted from the income tax.
• 139(4C)- Income earned by associations formed for:
  • Scientific research
  • News agency
  • Institutions under section 10(23A) and 10(23B)
  • Funds, educational and medical institutions
• 139(4D)- Income tax returns under section, is meant for university colleges or other miscellaneous institutions that are not required to file return of income tax loss under any other provision of his section.

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Once the details in the form are filled out, there are two ways of filing income tax returns. One is to download it on your desktop which creates a quick XML file. Fill out the details and then upload it to the website and submit. The other way is to directly fill and submit from the web-site itself. Don’t forget to keep your PAN number, Aadhar number, TDS certificates and other details of your investments, loans, liabilities handy. Fill and upload with your digital signature.

On verifying and successfully uploading an acknowledgement is generated. Keep it carefully. An ITR-V form is generated and sent to your registered email address if a digital signature is not attested. The tax filing process is not considered as complete unless ITR V form is verified. The ITR V form can be verified electronically or mailed to the processing center within 120 days of filing the return. Be a good citizen and file your returns regularly and on time.